Gayrettepe Region Office m² Rental Price Level Ranks the Second Highest in the First Half of 2023

GYODER announced the second quarter real estate data of 2023.
On the office side, a total of 107,200 m² of office space was rented throughout Istanbul in the first 6 months of 2023.
The vacancy rate was 15.1% in total.
In the first half of 2023, office supply throughout Istanbul remained constant at 6,460,000 m².
The office area rented in the first quarter of 2023 is 34,589 m² and in the second quarter it is 72,603 m².
Compared to the first half of 2022, the rate decreased by more than 50%.
23.1% of the rentals took place in the CBD region.
54.3% of the transactions outside the CBD took place on the Anatolian side and 22.6% on the European side.
While primary office rents were on average 22 USD per m² in the first quarter of 2022, they were 37 USD on average in the same period of 2023.
When we look at the region details, the region with the highest m² rental income is Levent-Etiler.
In the first half of 2023, the office stock area in the Levent Etiler region was 886,000 m², the vacancy rate was 8.4%, and the primary rent amount was 37 USD per month in USD.
In the first half of 2023, in the Gayrettepe region (Büyükdere Cd line), the office stock area was 529,000 m², the vacancy rate was 8.0%, and the primary rent amount was 25 USD per month in USD terms.
In the Maslak region in the first half of 2023, the office stock area was 927,000 m², the vacancy rate was 18.9%, and the primary rent amount was 22 USD per month in USD terms.
Apart from these, office and bureau sales prices throughout Istanbul were 42,394 TL per m² as of June 2023.